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Mumbai Jewellery Manufacturers & Wholesalers release draft MOU for Fair and Transparent Trade

Industry Initiative Aims to Standardise Payment Practices, Credit Norms and Compliance Across the Jewellery Trade

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Manufacturers and wholesalers from the Mumbai jewellery fraternity convened a meeting to unveil a draft Memorandum of Understanding (MoU) aimed at fostering transparent and efficient transactions among manufacturers/wholesalers and retailers.​

The MoU tackles critical areas including payment terms, credit periods, KYC compliance, gold rate fixing, and forward premiums aligned with retailer credit.​

Saiyam Mehra

“Participants voiced strong optimism, viewing the initiative as a driver for fair dealings and compliant with government policies – and sustained growth in India’s gem and jewellery sector,” said Saiyam Mehra, Director & CEO, Unique Chains & Jewels Ltd.

“I am very happy to see Zaveri Bazaar Manufacturers and wholesalers come together and present a united front. This MoU is critical for the survival and growth of our business. We need to be united and firm in our decision to enable this MoU,” said, Chetan Thadeshwar, CMD Shringar – House of Mangalsutra Ltd.

The release of the draft MoU marks a significant step toward strengthening trust, accountability and unity within Mumbai’s jewellery manufacturing and wholesale ecosystem. By addressing long-standing challenges around payments, credit discipline and compliance, the initiative reflects the industry’s collective resolve to adopt fair trade practices aligned with regulatory frameworks. If implemented effectively, the MoU is expected to create a more stable, transparent and sustainable operating environment—supporting long-term growth for India’s gem and jewellery sector.

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Shringar House of Mangalsutra Ltd. Flags Off the Pune Expansion, Inaugurated by PNG Jewellers CMD Saurabh Gadgil

The opening of Pune Sales Office to strategically drive expansion across Pune, Marathwada and Vidarbha region

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Shringar House of Mangalsutra Limited, India’s most trusted B2B gold jewellery manufacturer specializing in mangalsutras, has strengthened its presence in Maharashtra through the launch of a strategic Pune sales office, which was inaugurated by Saurabh V. Gadgil, CMD of P N Gadgil Jewellers Limited (PNG).

Shringar House of Mangalsutra Limited, India’s most trusted B2B gold jewellery manufacturer specializing in mangalsutras, has strengthened its presence in Maharashtra through the launch of a strategic Pune sales office, which was inaugurated by Saurabh V. Gadgil, CMD of P N Gadgil Jewellers Limited (PNG).

With Maharashtra playing an increasingly important role in India’s jewellery value chain, the company plans to deepen retail partnerships, expand its design portfolio and strengthen its B2B infrastructure across the region. The Pune office represents a foundational step in Shringar House of Mangalsutra Limited’s strategy to consolidate its position as a leading specialist in the mangalsutra category.

The Pune sales office will function as a central commercial and coordination hub for operations across Pune, Marathwada and Vidarbha regions, supporting closer engagement with jewellery retailers, wholesalers and corporate jewellery brands.

Pune’s location enables Shringar House of Mangalsutra Limited to service premium urban jewellery markets while extending efficient trade coverage to Marathwada and Vidarbha, where mangalsutras remain integral to bridal and ritual jewellery demand.

Commenting on the expansion, Chetan Thadeshwar, Chairman, Shringar House of Mangalsutra Limited, said: “Our Pune sales office is a strategic step aligned with our long-term vision to enhance accessibility, quality product and a wide variety of mangalsutras for retailers across Maharashtra. The state represents a critical market for us, and this expansion strengthens our ability to work closely with partners and support their growth with greater efficiency and consistency.”

Viraj Thadeshwar, CEO and Executive Director, Shringar House of Mangalsutra Limited, added, “The launch of our Pune sales office marks an important step in strengthening on-ground engagement with our retail partners in Maharashtra. This presence allows us to respond faster to market needs, improve supply efficiencies, and ensure consistent availability of designs across price points. As demand continues to evolve, our focus remains on building a scalable and agile distribution network that supports long-term partner growth.”

Speaking at the inauguration, Dr. Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, said:

“I am honoured to be part of the inauguration of Shringar – House of Mangalsutra’s new office in Pune. Shringar has been a trusted partner to PNG Jewellers for many years, and our teams share a very close and collaborative working relationship. Mangalsutras are a significant and culturally important category in the Indian jewellery landscape, and Shringar is among the finest manufacturers in this space, known for their vast product range, exceptional designs and consistent quality.

This new office will further strengthen their ability to serve the western India market and support many more jewellers across the region. I extend my best wishes to Chetan Thadeshwar ji and his sons, Viraj and Balraj, for continued success.”

With decades of experience in mangalsutra manufacturing, Shringar House of Mangalsutra Limited continues to focus on design innovation, manufacturing excellence and dependable supply partnerships across India.

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